• Today
    November 21

  • 04:49 AM

Initiatives to help us stay afloat

MICHAEL RAY,

Added 20 June 2018

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Prior and subsequent to the last General Election, economic gurus and political scientists of varying opinions have offered for consideration what they think are the best solutions for the resurgence of Barbados’ economic fortunes.

These solutions are mainly of a type to get Barbados back on a path to economic prosperity.

What are not seen, heard or done often enough are the things that will prevent us from repeating mistakes of the past and avoid falling back into a similar cesspool of problems and difficulties.

This letter writer is quite happy with any efforts to refloat Barbados to a level of economic buoyancy.

And so that the question “How did we get back here?” be never asked again, the following are what I consider key initiatives from an otherwise exhaustive list that can act as barriers against recidivation:

• Establishment of the post of Contractor General.

• Legislative amendments enabling and empowering the Auditor General to work with the Director of Public Prosecutions (DPP).

• Legislative amendments enabling and empowering the Public Accounts Committee to work with the DPP.

• Implementation of tighter and stricter Government procurement policies and procedures.

• Improved management and oversight of any prospective “deficit financing” activity.

• Increased supervision and management activity of the Accountant General over financial heads of Government departments.

• Re-establishment of a National Bank of Barbados.

• Legislative amendments to restore the autonomous nature of the Central Bank of Barbados in relation to commercial banks.

• Legislative enactments and amendments to give Barbados and Barbadians control and management of the renewable energy sector.

• Establishment and implementation of policies and regulations to allow the renewable energy sector to be the “chief cornerstone” of our economy.

• Establishment and implementation of policies to enable the development of a thriving and progressive entrepreneurial class of the self-employed.

• Export more and import less.

– MICHAEL RAY

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